Bullzi Security Issues Shareholder Update
October 05 2010 - 1:00PM
Marketwired
Bullzi Security Inc. (PINKSHEETS: BLLZ), a leading information
security provider, issues this Shareholder update to report on
recent company activity.
Bullzi Security closed the first half of 2010 with $307,379 in
revenue, which represents a 5% increase over the same period last
year. More importantly, Net Income for this period was up 78% from
2009 to $52,878. While the economy has hampered some of the
company's sales efforts, sound cost controls have allowed Bullzi to
increase overall earnings.
According to Thomas Welch, co-founder and CEO of Bullzi
Security, "We recently brought all of our information disclosure
statements and financial reports current, so that our Shareholders
have a better understanding of our activity over the past 2 years.
In light of the economic turbulence we've all been experiencing,
the Company used this time to focus on two things: 1) continue our
R&D efforts related to our educational product, WISE, and; 2)
keep costs low. Essentially, we wanted to use prudent business
practices to ride out the economic storm. We'll be announcing the
release of some of our new education courses in the coming weeks
and months."
Michael Welch, co-founder and president of Bullzi Security,
says, "Regulatory programs are still the primary driver for overall
sales in 2010 and beyond, especially the NERC CIP regulation. This
includes past regulatory standards, such as Sarbanes-Oxley (SOX),
Gramm-Leech-Bliley Act (GLBA), Health Insurance Portability and
Accountability Act (HIPAA), the Payment Card Industry Data Security
Standard (PCI DSS) and the Red Flag Rule and Chemical Facility
Anti-Terrorism Standards (CFATS)."
Mr. Welch went on to say, "We had an excellent third quarter and
we'll be releasing the 3Q10 results within the next 3 to 4 weeks.
In light of these positive results, the Company has approved and
paid for the legal opinion to free up the restricted shares that
were issued in 2007 as part of a 506 stock offering. Any investor
who purchased BLLZ shares in 2007 can now exchange their restricted
shares for unrestricted shares. We're excited about this
opportunity to give back to our investors and we believe that the
additional shares will help meet market demand."
Thomas Welch went on the say that, "In closing, we want to
advise all of our current and future Shareholders, that the planned
WISE Learning Solutions LLC privatization has been nullified. Based
upon legal review, it was determined that such a spin off would be
considered a 'public offering' and, as such, would require numerous
disclosure statements and legal documents. Since we're not
currently audited, it was determined that the cost to complete this
spin-off would be much more than originally anticipated. As a
result, WISE Learning Solutions, LLC, will remain a wholly-owned
subsidiary of Bullzi Security and will continue to hold all of
Bullzi's education assets."
Bullzi Security is Strong, Stable and
Secure!
About Bullzi Security Inc.
Bullzi Security is a leader in providing 'converged' security
solutions. Through its consulting services and integrated delivery
systems, Bullzi Security helps to minimize threats to its clients'
assets, facilities, personnel and information systems. As a full
service security firm, Bullzi Security offers compliance programs,
information security services, physical security solutions,
security education programs, document security and investigative
services. Bullzi Security brings a unique set of skills and
experience to ensure that its clients receive the most
comprehensive, cost-effective security services available. The
Bullzi Security trading symbol is (BLLZ.pk).
For more information or to schedule an interview, please
contact: Michael Welch Bullzi Security, Inc. 1-866-930-3840
mdwelch@bullzisecurity.com www.bullzisecurity.com
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